Cogent Biosciences falls on $150 mln stock offering launch

Shares of Cogent Biosciences COGT.O down 4.9% in extended trading to $9.30 as co seeks equity raise

Waltham, Massachusetts -based firm commences $150 mln share offering

Co plans to use net proceeds for continued development, regulatory and commercial preparation activities relating to bezuclastinib and other product candidates, among other purposes

COGT shares on Mon surged 23% and closed at $9.35 after co said bezuclastinib showed a statistically significant reduction in symptoms in patients with mastocytosis, a type of blood disorder, and that it expects to to file a marketing application for the treatment by the end of 2025

Its shares on Tues added another 4.6%, finishing at $9.78

With ~113.9 mln shares outstanding, co has ~$1.1 bln market cap

JP Morgan, Leerink and Guggenheim are jt bookrunners for the offering

9 of 12 analysts rate COGT "strong buy" or "buy", rest rate "hold" and median PT is $17.50, per LSEG data